Investing.com – European stock markets were broadly lower on Wednesday, as lingering fears over Greece's finances and the euro zone’s spreading debt crisis weighed, while U.S. futures pointed to lower open on Wall Street.
During European morning trade, the EURO STOXX 50 slumped 0.35%, France’s CAC 40 declined 0.38%, while Germany's DAX 30 dropped 0.4%.
Greek newspapers reported on Wednesday that the government was considering organizing a referendum on additional austerity measures after it failed to reach consensus with the opposition.
Rumors that Greek Prime Minister George Papandreou could resign, leading to a snap election also weighed on sentiment.
Meanwhile, shares in the technology sector performed poorly after Applied Materials, the world’s largest producer of chip-making equipment forecast full-year earnings that missed market expectations.
Infineon Technologies, Europe’s second largest chipmaker declined 2.15%, shares of STMicroelectronics shed 1%, while U.K.-based ARM Holdings slumped 1.7% in London.
In London, the FTSE 100 edged 0.25% lower as shares of telecom company Cable & Wireless Communications plunged 7.3% after reporting annual profits.
The telecom firm reported a jump in fiscal-year net profit, but it also said business in the Caribbean “has been more difficult than we anticipated at the time of the demerger” and that the company continues to face “weak or declining economies across the region.”
Shares in rival Vodafone declined 1% after Nomura Holdings downgraded the stock to ‘neutral’. “Vodafone has the highest exposure to European mobile coverage, and thus, we recommend that investors reduce overweight positions,” the broker said.
On the upside, copper miner Antofagasta climbed 1.5% after Morgan Stanley upgraded the stock to ‘equal-weight’ from ‘underweight’, saying it now trades in line with the sector.
Earlier in the day, official data showed that U.K. gross domestic product grew by 0.5% in the first quarter, in line with preliminary estimates.
The outlook for U.S. equity markets, meanwhile, was downbeat. The Dow Jones Industrial Average futures pointed to a decline of 0.24%, S&P 500 futures indicated a drop of 0.2%, while the Nasdaq 100 futures slipped 0.25%.
Later in the day, the U.S. was to publish official data on durable goods orders as well as a government report on crude oil stockpiles.
During European morning trade, the EURO STOXX 50 slumped 0.35%, France’s CAC 40 declined 0.38%, while Germany's DAX 30 dropped 0.4%.
Greek newspapers reported on Wednesday that the government was considering organizing a referendum on additional austerity measures after it failed to reach consensus with the opposition.
Rumors that Greek Prime Minister George Papandreou could resign, leading to a snap election also weighed on sentiment.
Meanwhile, shares in the technology sector performed poorly after Applied Materials, the world’s largest producer of chip-making equipment forecast full-year earnings that missed market expectations.
Infineon Technologies, Europe’s second largest chipmaker declined 2.15%, shares of STMicroelectronics shed 1%, while U.K.-based ARM Holdings slumped 1.7% in London.
In London, the FTSE 100 edged 0.25% lower as shares of telecom company Cable & Wireless Communications plunged 7.3% after reporting annual profits.
The telecom firm reported a jump in fiscal-year net profit, but it also said business in the Caribbean “has been more difficult than we anticipated at the time of the demerger” and that the company continues to face “weak or declining economies across the region.”
Shares in rival Vodafone declined 1% after Nomura Holdings downgraded the stock to ‘neutral’. “Vodafone has the highest exposure to European mobile coverage, and thus, we recommend that investors reduce overweight positions,” the broker said.
On the upside, copper miner Antofagasta climbed 1.5% after Morgan Stanley upgraded the stock to ‘equal-weight’ from ‘underweight’, saying it now trades in line with the sector.
Earlier in the day, official data showed that U.K. gross domestic product grew by 0.5% in the first quarter, in line with preliminary estimates.
The outlook for U.S. equity markets, meanwhile, was downbeat. The Dow Jones Industrial Average futures pointed to a decline of 0.24%, S&P 500 futures indicated a drop of 0.2%, while the Nasdaq 100 futures slipped 0.25%.
Later in the day, the U.S. was to publish official data on durable goods orders as well as a government report on crude oil stockpiles.